BUYING PROPERTY AS A 27 YEAR OLD FOREIGNER IN SPAIN 🇪🇸🏡 My Home Purchase Experience in Madrid

[@MillennialsWithMoney]

Do you have experience buying property in Spain or are you looking at buying a property in Spain? Leave a comment and let me know!

[@thecreativemind88]

Hi Amigo yes im interested to buy a flat in Spain, any help for cheap places and good prices as well. waiting for your response bro

[@ionsulcina4091]

I need your number as i want to buy a property in Spain and i am kinda scared regarding all this taxes that they ask me to pay...thanks

[@ionsulcina4091]

😅

[@theSSHITT]

We have been waiting for this video! So glad you explained the process and posted it. We were interested in buying property in Spain but chickened out. We were confused and intimidated by the process. There is way less risk for us because we are two people who are 12-13 years older than you. So impressive to see that you took the calculated risk and navigated the process at age 27. That's one helluva accomplishment!

[@MillennialsWithMoney]

Thank you Tara and Chris!! Yeah it’s not an easy process to navigate, but you guys are good with your US based real estate anyways 😁

[@kinesauzumaki9080]

Hello, I am a girl from Spain, specifically I live in Galicia on the north coast, I live in a fishing and tourist town (especially in summer) right in front, separated by the sea, is the city of Vigo, quite large and also quite touristy, the usual conveyance is by passenger ship :) people go to work or shopping every day by boat (and on weekends to party) it's about 20 minutes by sea, and about half an hour by car or bus. I myself consider in the future, acquiring a property in a country where the currency is cheaper and I was thinking how much I would value having someone there, to be able to take the step without fear, someone I can trust, to talk to owners , translate, be honest, check that everything is correct, send me photos, and any other management. So here I am offering myself for the same job in case someone decides to buy around here, in Vigo, Cangas do Morrazo, or some other nearby city here in Galicia. If you need me, just reply to this message or send me an email to: [e-mail] and we can talk about what you need. I'll be watching! Thank you very much and good luck in any case!

[@FinanceDee]

Big congratulations Jonny!! Glad to see you back 😊

[@MillennialsWithMoney]

Thanks Dee!! Great to be back 😁🎉

[@elekxiba]

Great content mate, I live in Madrid for 4 years, french expat and your content is very useful!!

[@MillennialsWithMoney]

Merci !! Glad you find it helpful 😁

[@iwanewbank2699]

Congrats Jonny. Felicidades

[@MillennialsWithMoney]

Thank you and gracias!! 😁

[@Milan4Ever-q2z]

Congratulations 🎉 👏

[@MillennialsWithMoney]

Thanks!! 😀

[@YoungRafoo]

Super interesting! Thanks for all the nuggets

[@MillennialsWithMoney]

Thank you for watching bro! 😁👊🏻

[@buxsocial]

Congratulations Jonny!

[@MillennialsWithMoney]

Thank you BUX team!! 😁😁

[@pandabossanna]

Nice to see you back! Congratulations on the purchase :) this is really interesting, especially since I'm building in a country that technically hasn't been my home for 21 years!

[@MillennialsWithMoney]

Thanks Anna!! Yes it’s always interesting to see your progress on your home in Poland 😁 look forward to future updates!

[@fivestar000]

More in depth on the buying process and taxes

[@valentinskudrjavcevs]

Congratulations 🎉

[@MillennialsWithMoney]

Thank you mate!!

[@barrieandkevin]

Very interesting, thank you.

[@MillennialsWithMoney]

Thank you Barrie!!

[@MONICAANICA]

Congratulations 😍 big achievement it is to have your own place...interesting explanation about what made you reach this decision. Thank you 😍

[@MillennialsWithMoney]

Thank you Monica!! 😁😁

[@DuncYo]

Great to have your channel Jonny!! Came to here from Stupot’s channel 👍😀

[@MillennialsWithMoney]

Thank you Dunc!! Great to have you here, welcome to the community!! 😁

[@HelloGorgeousbyJenn]

We are looking to buy in Alicante. We are coming from NYC.

[@MillennialsWithMoney]

Awesome!! You will love Alicante 😁🔥

[@Ms.Marian1634]

Thank you for sharing, we are planning to buy also our own.

[@MillennialsWithMoney]

Thanks for watching Marián!! All the best with your search and purchase!! 😁

[@Ms.Marian1634]

My was in Filipinas I bought my first home back then last 2008

[@TheRetirementality]

Congratulations! I'm thinking about retiring in Spain in a few years. I've already reached FIRE but I think I could live a better life there than in the US. Plus I have a Spanish wife. I'm looking forward to following your channel. New Sub.

[@MillennialsWithMoney]

Thanks mate!! You would enjoy Spain for sure, welcome to the community!!

[@TheRetirementality]

@@MillennialsWithMoney I've been there quite a few times, but I've got to figure out how the taxes will affect me.

[@englishwithmsjulia]

Excellent video! And once again, Congratulations. Very proud of you. :)

[@MillennialsWithMoney]

Thank you Julia!! Appreciate it!! 😁

[@KevKruz]

Two questions...What are your community costs? and also, do you know the Lowest property value Spanish banks will finance? In America for instance homes that cost under $100k are difficult to finance. Thanks for the content!

[@MillennialsWithMoney]

Thanks for watching Kev! My community costs are very low (40€ / month), but my building doesn’t have an elevator/swimming pool/reception. Buildings that have one or more of these can go up into the 100€s per month. The minimum property value that a bank will purchase is generally about €50k, though smaller banks/cajas rurales might be willing to finance lower values. Hope this helps!!

[@KevKruz]

@@MillennialsWithMoney it's a great help! Thanks!!!

[@Chinedu311]

I saw somewhere(dont remember the country) that sometimes the house appraisal is higher for foreigners, is this a thing in Spain. The down payment percentage is higher than other countries like Canada etc.

[@MillennialsWithMoney]

The downpayment yes, but the overall house appraisal should definitely not end up more expensive because of someone’s nationality. Best is to get an appraiser certified by the bank of Spain.

[@blurayffan66]

Congrats on your new place. I bought a house down in Orihuela Costa Sept 2020- Love your chats with Stu over at SSpeaks. Viva Espana!

[@MillennialsWithMoney]

Thanks mate!! Congrats on your property purchase too, a lovely area!! 🙌🏻🔥

[@istudywithpaul]

Hi. Thank you for this Video. I'm the same age as you and hopefully going to achieve the same thing next year! I currently live in Vallecas renting. I really like Vallecas, but I'm also going to look at the areas you've mentioned! Great video

[@MillennialsWithMoney]

Thanks Pabalino!! I also looked briefly at Vallecas due to its closeness to Madrid and reasonable prices compared to the rest of the capital. All the best in your property journey!

[@jons.guitars]

Felicitationes Jonny! And thanks for sharing your experience (I looked for an opportunity in Spain back in 2016 but then bought in Belgium, so interested to hear your experience too). The lawyer part is important in Spain to ensure the property is registerd to your name.

[@MillennialsWithMoney]

Thanks Jonathan!! Yes absolutely, worth paying for a good lawyer!

[@jons.guitars]

@@MillennialsWithMoney I heard horror stories of people who bought land that was actually not theirs,...

[@MillennialsWithMoney]

@@jons.guitars oh yeah I can imagine :(

[@Selenac11]

Have just come across your page and it’s very beneficial. Been thinking about buying for short term rentals/holiday home, but it’s seems like the taxes are very high. Would you recommend? Any advice welcome ☺

[@MillennialsWithMoney]

Thanks Selena! Glad you’re finding the content useful 😁 yes property taxes are quite high but property values are generally higher than in Northern Europe, and there’s also new property legislation being discussed in parliament which might affect investors (I’ll try and do a video about this). If despite all of this it works out when you run the numbers, or if you simply love Spain then it could where you buy your next home 😎🇪🇸

[@Selenac11]

@@MillennialsWithMoney That would be very interesting if you did decided to do a video on same. I’ll keep notifications on 😂 It’s a tough one, but I definitely need to do more research either way. I’ll be over in a few weeks so shall see how that goes. ☺

[@ariaxua]

So glad i found your channel. Im 30 y old living in barcelona and would like to get my first flat at some point, but im an artist and i know nothing about finance part haha

[@MillennialsWithMoney]

Awesome stuff!! Glad this video was useful to you and good luck with your property search!! 😁

[@stayhealthystaywealthy988]

How much would it cost roughly to get a property in leganes of 150k ? Like fee of agents lawyers and down payment ?

[@MillennialsWithMoney]

Hey, depends on the property and your situation but purchasing costs in total come to about 10-15% of the property value

[@ganeshbyale9059]

I am staying barcelona , I am looking to buy property but after 3-4 years I am planning to go back to my country in that case can I rent my property If yes how does this work? and if in case If i have to come to visit my property for emergency on what visa I can come here? and is it safe to rent property in barcelona sitting in outside of spain ? considering tenant favourable laws in spain , I heard that If porperty is vacant and anybody can just come and stay there without out notice and if they do stay there for more than 48hrs we can not even make them go even with the help of police is that true ? please help these are things holding me back from buying a property in Barcelona.

[@madastoica9724]

Hi, what is the minimum income you need to have in order to buy a property in Spain, lets say Marbella or Malaga? What about start capital?

[@MillennialsWithMoney]

Hi Mada, it really depends on a lot of factors - if you're a resident in Spain you'll generally be able to pay down 20% of the purchasing price then about 10% in taxes and fees, but if you're non-resident then it may be more like a 30/40% down payment. Generally the bank will want to see stable income as well that as at least 3x what your monthly mortgage payment would be, but again the conditions for non-residents are likely to be much stricter. I have a few other videos where I spoke with a Spanish mortgage advisor and where I also talk about the detailed cost breakdown of buying Spanish property which are in the following playlist: kzbin.info/aero/PLkcSLKF88PSPaCxEjfZnVRrpr9GZ7IHM4 Hope this helps and all the best with your property search! 😁🇪🇸

[@madastoica9724]

@@MillennialsWithMoney Hi, thanks for the good answer. it brought more clearity than the bank would purchase :)

[@MillennialsWithMoney]

@@madastoica9724 happy to hear!! Thanks for watching 😁

[@MONICAANICA]

Jonny, please tell me Where do you start the process?....at the bank, or you finding a mortgage broker....or finding the real estste agent. What are the steps thst you reccomend Thank you. I really appreciate your take on the matter 😍💃

[@MillennialsWithMoney]

Hey Monica, I would suggest perhaps starting with the mortgage, as although it worked out fine in my case it can take some time to get approved, and in the meantime you can find a property with the real estate agent and then provide specific details to the bank after they’ve assessed your financial situation, which will speed things up on the transaction for the property you want. You’re very welcome and thanks for watching! 😁

[@davegardner5246]

Hi Jonny, I´ve just stumbled upon your channel today. You´re making fantastic content and I wish you big success with your channel. I´m also a british national living in Madrid. I´ve bought a flat in Arturo Soria. I´m actually looking for a second place to try and generate some passive income but your other video about Spains new housing law is making me think twice.´Maybe I should look at the Stock Market. All the best mate, keep up the great work. David

[@MillennialsWithMoney]

Hi David, thanks so much for the kind words!! Congrats on your apartment purchase, I guess just outside the M30 then? Yeah the new housing law brings additional complications for property investors so at least for me not something I'm looking at.

[@davegardner5246]

@@MillennialsWithMoney yes just outside the M30, although they have already put the parking meters around for green and blue zone so it seems that the centre is expanding. You seem to have got a good niche as all of the financial advice KZbinrs are in the UK or the US. There are lots of us brits in Spain needing your advice. Looking forward to seeing your channel grow! Best wishes pal

[@gabrielemcnicholl6174]

Very informative! Did u pick your own lawyer? Or did the bank pick one for you ?

[@MillennialsWithMoney]

Thank you!! I chose my own lawyer for the process, the bank only sends a representative for the signature and the lawyer is up to you 😊

[@hebafashion]

Congrats,,, can u help me to buy in Barcelona

[@sz13bigmo]

Congrats on the property purchase. Not sure if I would ever buy property in Spain as costs seem very high & it would just be vacation. But it makes sense for you as you’re living / working there full-time.

[@MillennialsWithMoney]

Thank you Susan! Yes I understand your point, potentially a lot of work and maintenance with the return maybe not compensating if you aren’t going to be there a lot

[@jamescostello73]

Hello Jonny, congratulations on purchasing your flat apartment. Since you will be living outside of the center of Madrid will you need to purchase an automobile. How much time will it take you to get to your office. What train station are you closest Torrejón or Alcalá. These are some of the additional costs when you purchase property outside of the city. Good luck

[@MillennialsWithMoney]

Thanks James!! I am considering buying a car as it would make life easier, but for now I am using the Cercanías trains as I have a station nearby. Current commute is roughly an hour one way, and indeed I did factor the costs of this in when considering the purchase and found that there would still be notable savings versus renting in the centre.

[@malcolmbrownson5205]

Pity you never went the RENT 2 OWN//BUY..Scheme At Zero 0% !!

[@MillennialsWithMoney]

Hi Malcolm, there’s a couple of schemes like this that exist in Spain to my knowledge, however I don’t think they’re quite as developed as they may be in the U.K., hence I decided on straight up buying. Good point you make though, perhaps these will become more popular in Spain!

[@kristinaschnyder7455]

I don’t know if your agent did it all for you, but I haven’t mentioned anything in terms of notary, ITP, commission rates, mortgage rates, gestionar or prices of property where you live. So for me being in the process of buying in Spain, i learnt nothing from your experience what i should look out for. However, congratulations on your apartment!!

[@MillennialsWithMoney]

Hi Kristina, thanks!! I did a video where I go into more detail about the costs here, hope it answers your questions! 😁 kzbin.info/www/bejne/eoayoaN-jpasnLs

[@kristinaschnyder7455]

@@MillennialsWithMoney Thank you very much. I didn’t mean to come accross disrespectful & I appreciate much your reply & watch your other video! Couple of days ago, we wanted to start the buying process here in Malaga. An apartment listed was with 64 m2 - when i measured it, there were only 49 m2 (talking useable) …. So, one has to be careful! 😉Saludos de Malaga!

[@MillennialsWithMoney]

@@kristinaschnyder7455 no disrespect taken don’t worry! 😊 yes indeed you need to check carefully the plans for the property as the useful area and total including common areas can differ greatly. All the best you with your property search! 😁

[@rsnankivell1962]

Congrats, man! Now you own your home, like 80% of Spaniards.

[@MillennialsWithMoney]

Thanks mate!! Feeling integrated 😅

[@kippsguitar6539]

Oh dear, Spain is a nightmare as an investment

[@u2fkeys665]

Depends how U go about it